Improving gold prices and lower unit production costs were responsible for a third-quarter earnings increase of 94% compared with last year’s results, Battle Mountain Gold has said.
According to Chairman Douglas Bourne, the latest results reflect a recent 3-for-2 stock split in current and adjusted historical earnings per share.
Bourne said net income was $12.1 million or 19 cents per share for the three months ended Sept 30. That’s up from $6.3 million or 10 cents per share, earned during the third quarter of 1986. Net income for the first nine months of 1987 was $30.2 million or 47 cents per share, up 66% from $18.2 million or 28 cents per share during the same period last year.
Net sales for the 1987 third quarter were $31.6 million, also up 37% from $23 million in the third quarter of 1986. For the first nine months of 1987, net sales were $83.1 million, up from $66 million during the same period in 1986.
According to the company, these 9-month earnings translate to a net income per equivalent oz of gold sold of approximately $154 with an average realized gold price of $427.
During 1986, Battle Mtn.’s Fortitude mine southwest of Lander Cty., Nev., produced 267,000 oz gold and 902,000 oz silver. The company’s shares were trading recently on the Toronto Stock Exchange at $26.25 in a 52-week range of $16 and $39.38.
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